Median House Prices June 2009

Note: These values will include both New Homes and established homes, which will show different results to the Established Homes figures shown elsewhere.

On this page you will find various statistics on property prices around Australia. But it is important to realise that these figures will vary tremendously even in local areas.

For example, whilst Sydney is quoted as $579,000 in Sept 2007, the outer suburbs of Sydney are much lower in price. Have a look at www.realestate.com.au for some example prices in a reasonable suburb in outer Western Sydney, called St Clair. The lowest price shown on 18th March 2008 was $229,500 for a 3 Bedroom house, 4 bedroom houses started at between $289,950 and $314,950. St Clair is a well established suburb, 49km (30 miles) West of Sydney CBD, with modern facilities and close access to the M4 Motorway.

Some Brisbane Property examples at Jan 2009

Some current (Jan 2009) Median property prices are:

Area
Bayside South
Bayside North
Brisbane West
Ipswich
Brisbane East

House
$410,000
$370,000
$381,000
$330,000
$495,000

Unit
$325,000
$327,000
$341,000
n/a
$396,000

Queensland Median Property Values

Some median property values for September 2008 can be found at this Courier Mail webpage:

Housing Affordability Index 2008

A recently published report shows the housing affordability of the main Capital Cities, 3rd Quarter 2008, as follows: (World Position based on the the six surveyed nations, USA, Canada, UK, Ireland, Australia & New Zealand. The top 167 Cities/Towns are all in USA & Canada)

Over the year to March quarter 2008, preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities rose 13.8%.
Annually, the capital city indexes all rose – Melbourne (+25.9%), Adelaide (+21.6%), Brisbane (+20.8%), Canberra (+14.4%), Hobart (+8.2%), Sydney (+7.1%), Darwin (+4.9%) and Perth (+0.6%).

The movement in the preliminary established house price index between December quarters 2006 and 2007 has been revised from an estimated increase of 12.3% to an increase of 13.8%.

House Prices in Melbourne, Victoria: (March 2008)

A Newspaper report for the March 2008 quarter showed the median price for a detached Melbourne home was now $432,500, down 8.4 per cent from the December 2007 median of $472,250. However, this DOES NOT mean that all property in Melbourne has dropped in value.

The report showed the median price for a detached Melbourne home in the March 2008 quarter was $432,500, down 8.4 per cent from the December 2007 median of $472,250

According to the report, the actual results in the individual suburbs varied between:

Blairgowrie [Mornington Peninsula] UP 18.4 per cent ($475,000)

Berwick [South East] UP 13.6 per cent ($344,000)

Essendon [West] DOWN 9 per cent ($695,000)

Wyndham Vale [West] DOWN 11.7 per cent ($230,000) *This one puzzles me, as in Sept 07 the value was shown as $217,000.

Brighton is Melbourne’s most expensive suburb, with a median price of $1.68 million.
Melton at $211,000 is the most affordable suburb.

Looking at other reports, I see the following figures for the SIX MONTHS September 2007 to March 2008:

Inner Urban area of Melbourne

Houses went from $721,000 in Sept 2007 to $760,000 in Mar 2008 = UP 5.4%

Units went from $395,000 to $420,000

Mornington Peninsula area.

Houses went from $345,000 in Sept 2007 to $370,000 in Mar 2008 = UP 7.2%

Units went from $288,000 to $298,000

South East

Houses went from $281,000 in Sept 2007 to $303,000 in Mar 2008 = UP 7.8%

Units went from $228,000 to $242,000

West

Houses went from $300,000 in Sept 2007 to $332,000 in Mar 2008 = UP 10.6%

Units went from $260,000 to $270,000

Confused about Melbourne House Prices? It seems that prices are UP between Sept 2007 and March 2008, but prices are down(according to the newspaper) between Dec 2007 and Mar 2008. Maybe December was artificially high ?

US Property Value Comparsion

Looking at the US property market to try to see any similarities, it appears that there is a marked difference in property values between New York and Detroit.